Chinese co-working space provider Ucommune has raised RMB 300 million ($43.5 million) in Series C funding, increasing its valuation to $1.8 billion.

The round is led by Prosperity Holdings, which also led Ucommune’s pre-C round in July 2017. The company, previously known as UrWork, is a major competitor to WeWork China, which raised $500 million in July.

Ucommune has raised a total of $450 million since 2016. Its investors have included Gopher Asset Management, Zhongrong International Trust, and Jingrong Holdings. Prior to its recent round, it received RMB 110 million in venture funding from the Shenzhen-based Qianhai Wutong Mergers and Acquisitions Funds (前海梧桐并购基金) in January.

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Chris Udemans

Christopher Udemans is a Shanghai-based technology reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.